Prices are Changing

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The Prices Are Changing
http://www.econedlink.org/lessons/index.php?lid=747&type=educator
This lesson will help you understand how markets are created by the interaction of buyers and sellers, what demand and supply are, what equilibrium price is, and how demand and supply interact with price changes.

KEY CONCEPTS

Demand, Equilibrium Price, Markets, Supply

YOU WILL

  • Be able to explain the concepts of supply and demand.
  • Be able to explain the concepts of a market and of equilibrium price.
  • Be able to explain how supply and demand interact with price changes.
  • Develop a graphic organizer displaying the interdependence between supply, demand, and price.

PROCESS

Worksheet #1

Worksheet #2

Worksheet #3